DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
JUNE 30, 1995 AND DECEMBER 31, 1994
March 31, December 31,
1995 1994
ASSETS
CASH AND CASH EQUIVALENTS $ 457,866 $ 421,316
PROPERTY 8,302,536 8,574,285
OTHER ASSETS 61,807 35,454
TOTAL $8,822,209 $9,031,055
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 729,109 $ 712,290
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 442,214 468,439
PARTNERS' EQUITY:
General Partners (60,933) (58,938)
Limited Partners 7,711,819 7,909,264
Total partners' equity 7,650,886 7,850,326
TOTAL $8,822,209 $9,031,055
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
June 30, June 30,
1995 1994
REVENUES:
Rental Income $ 610,700 $ 578,544
Interest 2,864 818
Total revenues 613,564 579,362
EXPENSES:
Operating Expenses 353,214 343,305
General and administrative 44,998 42,571
Total expenses 398,212 385,876
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 215,355 193,486
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 28,385 22,935
NET INCOME $ 186,967 $ 170,551
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 185,097 $ 170,551
General partners 1,870 1,706
TOTAL $ 186,967 $ 170,551
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.03 $ 5.50
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30,1995 AND 1994
June 30, June 30
1995 1994
REVENUES:
Rental Income $1,194,605 $1,131,051
Interest 5,178 1,543
Total Revenues 1,199,783 1,132,594
EXPENSES:
Operating Expenses 692,788 666,539
General and Administrative 109,406 109,118
Total expenses 802,194 775,657
INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE
MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE
Net Income 343,114 314,217
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $339,683 $311,075
General partners 3,431 3,142
TOTAL $343,114 $314,217
NET INCOME PER LIMITED PARTNERSHIP $ 11.07 $ 10.14
LIMITED PARTNERSHIP UNITS USED IN
PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements(unaudited)
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30,1995 AND 1994
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1993 ($ 55,069) $8,292,316 $8,237,247
NET INCOME 3,142 311,075 314,217
DISTRIBUTIONS (5,426) (537,128) (542,554)
EQUITY AT JUNE 30,1994 ($57,353) $8,066,263 $8,008,910
EQUITY AT DECEMBER 31, 1994 ($58,938) $7,909,264 $7,850,326
NET INCOME 3,431 339,683 343,114
DISTRIBUTIONS (5,426) (537,128) (542,554)
EQUITY AT JUNE 30,1995 ($60,933) $7,711,819 $7,650,886
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
June 30, June 30,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 343,114 $ 314,217
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 293,876 293,876
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (26,353) (26,280)
Changes in assets and
liabilities:
Increase in other assets (26,353) (29,903)
Increase in liabilities 16,819 53,717
Net cash provided by
operating activities 601,231 605,627
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (22,127) (11,929)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (542,554) (542,554)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 36,550 51,144
CASH AND CASH EQUIVALENTS:
At beginning of period 421,316 332,873
At end of period $ 457,866 $ 384,017
See accompanying notes to consolidated financial statements(unaudited).
DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund IX (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 30,693 limited partnership
units.
The accompanying consolidated financial information as of June 30, 1995
and for the periods ended June 30, 1995, and 1994 is unaudited. Such
financial information includes all adjustments which are considered
necessary by the Partnership's management for a fair presentation of the
results for the periods indicated.
2. PROPERTY
The Partnership owns five mini-storage facilities located in Monterey Park
and Azusa, California; Everett, Washington; and Romeoville and Elgin,
Illinois. The Partnership also owns a 70% interest in a mini-storage
facility in Aurora, Colorado. As of June 30, 1995, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,949,916
Total 13,679,706
Less: Accumulated Depreciation ( 5,377,170)
Property - Net $ 8,302,536
3. NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the net
income allocated to the limited partners by the number of limited
partnership units outstanding during the period.